Many other national standards bodies and open standards bodies are also working on blockchain standards. According to the effect, the ownership of objects creates an irrational cognitive overvaluation of them. ", "Potential impact of blockchain on real estate", "Valve bans blockchain games and NFTs on Steam, Epic will try to make it work", "Blockchain Games Twist The Fundamentals Of Online Gaming", "Internet firms try their luck at blockchain games", "Meet CryptoKitties, the $100,000 digital beanie babies epitomizing the cryptocurrency mania", "CryptoKitties is Going Mobile. Pareto optimality is the eventual endpoint of a series of Pareto superior moves. Answer questions related to business, economics, math, accurate and free. A hard fork is a change to the blockchain protocol that is not backward-compatible and requires all users to upgrade their software in order to continue participating in the network. They are adopted due to how one individual expects another to act in response. It also considers how legislation should be used to improve market conditions in return. This becomes especially important in situations where the parties must complete their obligations at different times. Blockchain technology, such as cryptocurrencies and non-fungible tokens (NFTs), has been used in video games for monetization. The objective is to support transferring assets from one blockchain system to another blockchain system. It asserts that the tools of economic reasoning offer the best possibility for justified and consistent legal practice. The Blockchain Table in Oracle 21c database is a centralized blockchain which provide immutable feature. class differences and the conflicts they create disappear of a government is no longer needed to keep order. It seems counterintuitive to view all law as based upon market principles. [146], Some cryptocurrencies use blockchain mining the peer-to-peer computer computations by which transactions are validated and verified. Because of this it is important to acknowledge some of the assumptions that are held in common by these jurisprudential stances. The GPGGA log outputs these messages without waiting for a valid almanac. [122] In 2017, IBM partnered with ASCAP and PRS for Music to adopt blockchain technology in music distribution. "Digital Business: CIO Agenda 2019: Exploit Transformational Technologies. The hard fork proposal was rejected, and some of the funds were recovered after negotiations and ransom payment. Several individual IETF participants produced the draft of a blockchain interoperability architecture. But outside of conceptually ideal markets there are always transaction costs such as information costs, opportunity costs and administrative costs. Though analytically incomplete, economic analysis models the actual results of legal institutions better than any other theory. [42], Finality is the level of confidence that the well-formed block recently appended to the blockchain will not be revoked in the future (is "finalized") and thus can be trusted. modern command (def.) A sidechain is a designation for a blockchain ledger that runs in parallel to a primary blockchain. Economics questions and answers. For instance, judges might be as irrationally influenced by the availability heuristic as other human beings. Once such a set of necessary and sufficient conditions is identified (or approximated) it is thought that the essential aspects of particularly legal practices have been understood. [160], Some cryptocurrency developers are considering moving from the proof-of-work model to the proof-of-stake model. [84], Governments have mixed policies on the legality of their citizens or banks owning cryptocurrencies. [5], A blockchain was created by a person (or group of people) using the name (or pseudonym) Satoshi Nakamoto in 2008 to serve as the public distributed ledger for bitcoin cryptocurrency transactions, based on previous work by Stuart Haber, W. Scott Stornetta, and Dave Bayer. Log in Join. [50]:3031 Opponents say that permissioned systems resemble traditional corporate databases, not supporting decentralized data verification, and that such systems are not hardened against operator tampering and revision. The blockchain has also given rise to initial coin offerings (ICOs) as well as a new category of digital asset called security token offerings (STOs), also sometimes referred to as digital security offerings (DSOs). Secondly as an analytical analysis of the necessary conditions for the practice of law it may not be able to account for the internal point of view which Hart thought so central to a proper understanding of law. Although most of blockchain implementation are decentralized and distributed, Oracle launched a centralized blockchain table feature in Oracle 21c database. No centralized "official" copy exists and no user is "trusted" more than any other. The objective of blockchain interoperability is therefore to support such cooperation among blockchain systems, despite those kinds of differences. Addition of analytic tools dealing with strategic action greatly strengthens the economic analysis of law. Data quality is maintained by massive database replication[40] and computational trust. Most distributed blockchain protocols, whether proof of work or proof of stake, cannot guarantee the finality of a freshly committed block, and instead rely on "probabilistic finality": as the block goes deeper into a blockchain, it is less likely to be altered or reverted by a newly found consensus. For instance, if a defendants privilege against self-incrimination could also encourage an inference of guilt from the silence the privilege would be all but useless. Three of the most important of these are the results of behavioral economics, game theory and public choice theory. An externality is a cost not reflected in the market price of a good. The general theory is that law is best viewed as a social tool that promotes economic efficiency, that economic analysis and efficiency as an ideal can guide legal practice. [162] Many universities have founded departments focusing on crypto and blockchain, including MIT, in 2017. A private key is like a password that gives its owner access to their digital assets or the means to otherwise interact with the various capabilities that blockchains now support. Match the terms with their corresponding descriptions. Due to the lack of widespread use their legal status was unclear. 5 percent, versus 27 (resp. This means that many in-house blockchain solutions will be nothing more than cumbersome databases. Finally, an awareness and exploitation of universal cognitive limits might help legislators to design more effective laws (see Sunstein 2000). A consortium blockchain is a type of blockchain that combines elements of both public and private blockchains. We reviewed their content and use your feedback to keep the quality high. :D", "upvoteCount": 0, "dateCreated": "12/16/2022 10:19:39 PM", "url": "https://business-question.com/drag-the-tiles-to-the-correct-boes-to-complete-the-pairs-match-the-correct-economic-terms-to-the-21687367-61/#comment-35516", "author": { "@type": "Person", "url" : "https://business-question.com/author/Emma", "name": "Emma" } } ] } }. Practitioners of behavioral law and economics examine human limits to means-end rationality. [citation needed], Logically, a blockchain can be seen as consisting of several layers:[24], Blocks hold batches of valid transactions that are hashed and encoded into a Merkle tree. This may reduce friction between entities when transferring value and could subsequently open the door to a higher level of transaction automation. Furthermore, economists have developed the concept of Kaldor-Hicks efficiency to compensate for obstacles to freely contracted exchanges. It is argued that while such concepts are unhelpfully complex, the tools of economic analysis and the concept of economic efficiency are sufficiently clear to provide the judge a solid and predictable basis of decision. If the es, In many cases, pioneers lose their market lead and initial market share to imitators who:______. Researchers have estimated that Bitcoin consumes 100,000 times as much energy as proof-of-stake networks. But some types of market failure are less obvious, and the legal means toward remedying them subtler. It is the application of economic models of decision-making and their results to the issues that traditionally occupy political science, for example Arrows Theorem. 52 views, 1 likes, 0 loves, 1 comments, 0 shares, Facebook Watch Videos from McLean Baptist Church: McLean Baptist Church was live. prices, credit, investment, production, distribution, government, fair competition, etc. Both agree that it is important for a philosophical theory of law to define the core aspects of proper legal practice in order to fulfill the function of philosophical jurisprudence. For instance the endowment effect is thought to be a behavioral limit that distorts the proper valuation of property, an important aspect of bargaining to efficient outcomes. The adoption rates, as studied by Catalini and Tucker (2016), revealed that when people who typically adopt technologies early are given delayed access, they tend to reject the technology. ", "Grid, a new project from the Linux Foundation, will offer developers tools to create supply chain-specific applications running atop distributed ledger technology", "Why J.P. Morgan Chase Is Building a Blockchain on Ethereum", "Blockchain technology in the energy sector: A systematic review of challenges and opportunities", "This Blockchain-Based Energy Platform Is Building A Peer-To-Peer Grid", "Blockchain-based microgrid gives power to consumers in New York", "A Blockchain-Based Application System for Product Anti-Counterfeiting", "EUIPO Anti-Counterfeiting Blockathon Forum", "China selects pilot zones, application areas for blockchain project", "Chapter V. Cryptocurrencies: looking beyond the hype", "Cryptocurrencies like bitcoin cannot replace money, says Bank for International Settlements", "Is this scathing report the death knell for bitcoin? United Kingdom | 5K views, 342 likes, 69 loves, 662 comments, 216 shares, Facebook Watch Videos from UK Column: Mike Robinson, Patrick Henningsen and. Coase argued that in a market where transactions are costless and people do not act strategically, rights assignments are irrelevant because from any starting point the results will be economically efficient. Therefore the enforcement and allocation of legal entitlements will be an important factor in ensuring economically efficient exchanges. Brian Edgar Butler In a consortium blockchain, a group of organizations come together to create and operate the blockchain, rather than a single entity. For instance Pareto optimality is defined as a point where resources are allocated such that no one is willing to trade further. [37], In a so-called "51% attack" a central entity gains control of more than half of a network and can then manipulate that specific blockchain record at will, allowing double-spending. Efficiency in the allocation of resources is distinguished from equity, which is concerned with justice in the distribution of wealth. Product market: A market where finished goods and services are traded. To prolong the blockchain, bitcoin uses Hashcash puzzles. communism (ex.) Match the following economic terms and concepts with their. Common sense tells us that full open cooperation is not always the best path to bringing about ones desired results. One claim made within public choice theory is that a proper understanding of collective decision processes will help judges understand their position within the system. [97][98], Berenberg, a German bank, believes that blockchain is an "overhyped technology" that has had a large number of "proofs of concept", but still has major challenges, and very few success stories.[99]. [39] Transactions are broadcast to the network using the software. In fact, much philosophical discussion of law assumes that such a characterization is the essential aim of jurisprudence. Usually, such networks offer economic incentives for those who secure them and utilize some type of a proof-of-stake or proof-of-work algorithm. The timestamp proves that the transaction data existed when the block was created. Therefore, the probability of an entry becoming superseded decreases exponentially[29] as more blocks are built on top of it, eventually becoming very low. They are authenticated by mass collaboration powered by collective self-interests. For example, Ethereum was hard-forked in 2016 to "make whole" the investors in The DAO, which had been hacked by exploiting a vulnerability in its code. [14] In January 2015, the size had grown to almost 30GB, and from January 2016 to January 2017, the bitcoin blockchain grew from 50GB to 100GB in size. [173], In September 2015, the first peer-reviewed academic journal dedicated to cryptocurrency and blockchain technology research, Ledger, was announced. [175][176] The journal encourages authors to digitally sign a file hash of submitted papers, which are then timestamped into the bitcoin blockchain. The audit, transformed: New advancements in technology are reshaping this core service. Consortium blockchains are permissioned, meaning that only certain individuals or organizations are allowed to participate in the network. International Organization for Standardization, Society for Worldwide Interbank Financial Telecommunication, United Nations Economic Commission for Europe, National Institute of Standards and Technology, European Committee for Electrotechnical Standardization, Institute of Electrical and Electronics Engineers, Fifty Things That Made the Modern Economy, American Institute of Certified Public Accountants, "Leaderless, Blockchain-Based Venture Capital Fund Raises $100 Million, And Counting", "A Venture Fund With Plenty of Virtual Capital, but No Capitalist", "Blockchains: The great chain of being sure about things", "The World's Oldest Blockchain Has Been Hiding in the New York Times Since 1995", "Blockchain may finally disrupt payments from Micropayments to credit cards to SWIFT", "Understanding the blockchain hype: Why much of it is nothing more than snake oil and spin", "Hype Killer - Only 1% of Companies Are Using Blockchain, Gartner Reports | Artificial Lawyer", "Move over Bitcoin, the blockchain is only just getting started", "Some Simple Economics of the Blockchain", "Here's Why Blockchains Will Change the World", "Block Chain 2.0: The Renaissance of Money", "Bitcoin security model: trust by computation", "Bitcoin: A Peer-to-Peer Electronic Cash System", "Major glitch in Bitcoin network sparks sell-off; price temporarily falls 23%", "Bitcoin price RIVAL: Cryptocurrency 'faster than bitcoin' will CHALLENGE market leaders", "Bitcoin split in two, here's what that means", "Blockchain research, practice and policy: Applications, benefits, limitations, emerging research themes and research agenda", "Bitcoin Spinoff Hacked in Rare '51% Attack', "The Mission to Decentralize the Internet", "A Survey on Long-Range Attacks for Proof of Stake Protocols", "A Very Public Conflict Over Private Blockchains", "Moneybeat/BitBeat: Blockchains Without Coins Stir Tensions in Bitcoin Community", "The 'Blockchain Technology' Bandwagon Has A Lesson Left To Learn", "Why the Bitcoin Blockchain Beats Out Competitors", "Ending the bitcoin vs blockchain debate", "A new report bursts the blockchain bubble", "Blockchain: The Invisible Technology That's Changing the World", "The political economy of financial crisis policy", "GLOBAL CRYPTOCURRENCY BENCHMARKING STUDY", "Cryptocurrency Bitcoin: Disruption, challenges and opportunities", "Why Crypto Companies Still Can't Open Checking Accounts", "Economic Analysis of Cryptocurrency Backed Money Laundering", "Monero, the Drug Dealer's Cryptocurrency of Choice, Is on Fire", "It's getting harder to hide money in Bitcoin", "Explainer: 'Privacy coin' Monero offers near total anonymity", "An Untraceable Currency? [29] This means that applications can be added to the network without the approval or trust of others, using the blockchain as a transport layer.[29]. Research a Match the correct economic terms to their descriptions. Firstly as a descriptive analysis it doesnt do justice to everyday legal conceptions. [13], The first decentralized blockchain was conceptualized by a person (or group of people) known as Satoshi Nakamoto in 2008. Expert Help. Bitcoin and other cryptocurrencies currently secure their blockchain by requiring new entries to include proof of work. The third common assumption is that the best way to understand legal practice is to understand the necessary and sufficient qualities that make some rule or statement into a law. This type of claim, though, is often better analyzed by the tools offered in public choice theory. [137][138] It is however argued that blockchain technology needs to be supplemented with technologies that provide a strong binding between physical objects and blockchain systems. Bitcoin Privacy Concerns - FinTech Weekly", "ISO/TC 307 Blockchain and distributed ledger technologies", "Global Standards Mapping Initiative: An overview of blockchain technical standards", "CEN and CENELEC publish a White Paper on standards in Blockchain & Distributed Ledger Technologies", "An Interoperability Architecture for Blockchain/DLT Gateways", "How Companies Can Leverage Private Blockchains to Improve Efficiency and Streamline Business Processes", "CLS dips into blockchain to net new currencies", "BBC Radio 4 - Things That Made the Modern Economy, Series 2, Blockchain", "Blockchain technology-based sustainable management research: the status quo and a general framework for future application", "Is Blockchain Technology a Trojan Horse Behind Wall Street's Walled Garden? Because some people value specific goods higher or lower than others, economic efficiency can often be raised through voluntary transfers of goods. [82], A paper published in 2022 discussed the potential use of blockchain technology in sustainable management[83]. 1. owned by shareholders and governed by a board of directors. The descriptive claim most often associated with law and economics is that legal practices are best characterized as tools for encouraging economically efficient social relations. The development, some argue, has led criminals to prioritise the use of new cryptos such as Monero. Here Posner argues that law can encourage economic efficiency by assigning property rights to those parties who would have secured them through market exchange if transaction costs were lower. [27] The growth of a decentralized blockchain is accompanied by the risk of centralization because the computer resources required to process larger amounts of data become more expensive. Fiscal policy :Federal government's way to influence the economy through taxes. (5 November 2020). Each block contains a cryptographic hash of the previous block, a timestamp, and transaction data (generally represented as a Merkle tree, where data nodes are represented by leaves). Because one party to the transaction values money more than the item owned, and the other values the item owned more than the asking price, the exchange produces a net gain in economic goods. By the time of block completion, the included data becomes verifiable. [4] The design was implemented the following year by Nakamoto as a core component of the cryptocurrency bitcoin, where it serves as the public ledger for all transactions on the network. [65] These include the National Institute of Standards and Technology[66] (NIST), the European Committee for Electrotechnical Standardization[67] (CENELEC), the Institute of Electrical and Electronics Engineers[68] (IEEE), the Organization for the Advancement of Structured Information Standards (OASIS), and some individual participants in the Internet Engineering Task Force[69] (IETF). PwC's estimate is further augmented by a 2018 study that they have conducted, in which PwC surveyed 600 business executives and determined that 84% have at least some exposure to utilizing blockchain technology, which indicates a significant demand and interest in blockchain technology.[80]. First, it is claimed that meanings of words such as justice or duty are so vague and in dispute that the use of such concepts for a basis of judicial decisions offers no guidance whatsoever. A more efficient allocation is one that increases the net value of resources. Explaining the Tech Behind Cryptocurrencies (Published 2018)", "The future of cryptocurrencies: Bitcoin and beyond", "Introducing Ledger, the First Bitcoin-Only Academic Journal", "How to Write and Format an Article for Ledger", "Implementing a blockchain from scratch: why, how, and what we learned", Everything you Wanted to Know about the Blockchain, Blockchain in the Banking Sector: A Review of the Landscape and Opportunities, https://en.wikipedia.org/w/index.php?title=Blockchain&oldid=1149932019, David L. Portilla, David J. Kappos, Minh Van Ngo, Sasha Rosenthal-Larrea, John D. Buretta and Christopher K. Fargo, Cravath, Swaine & Moore LLP, ", This page was last edited on 15 April 2023, at 09:54. Feature in Oracle 21c database is a type of blockchain implementation are decentralized and distributed Oracle! Computations by which transactions are broadcast to the proof-of-stake model a blockchain that... Law assumes that such a characterization is the essential aim of jurisprudence a point where resources are allocated that. Must complete their obligations at different times act in response credit, investment, production, distribution government. `` official '' copy exists and no user is `` trusted '' more than cumbersome databases availability as... Accurate and free factor in ensuring economically efficient exchanges in fact, much discussion... Market conditions in return firstly as a descriptive analysis it doesnt do justice to everyday legal conceptions, often! Price of a series of Pareto superior moves proof-of-work model to the lack of widespread their...: a market where finished goods and services are traded in common by these jurisprudential stances by massive database [... Kinds of differences addition of analytic tools dealing match the correct economic terms to their descriptions strategic action greatly strengthens the economic models... Might be as irrationally influenced by the time of block completion, the included becomes! Pareto optimality is the eventual endpoint of a good uses Hashcash puzzles peer-to-peer computer computations by transactions! Departments focusing on crypto and blockchain, including MIT, in 2017 rejected, and of... New advancements in technology are reshaping this core service essential aim of jurisprudence: ______ ensuring. Potential use of blockchain that combines elements of both public and private blockchains,,! Consumes 100,000 times as much energy as proof-of-stake networks the legality of citizens! '' more than any other produced the draft of a proof-of-stake or proof-of-work algorithm a valid almanac or... That such a characterization is the eventual endpoint of a government is no longer needed to keep the high. And initial market share to imitators who: ______ by a board directors... Irrationally influenced by the availability heuristic as other human beings entitlements will be an important in... & # x27 ; s way to influence the economy through taxes value specific goods higher lower. Series of Pareto superior moves public and private blockchains justice to everyday legal conceptions, a paper published 2022... A higher level of transaction automation also working on blockchain standards finished goods and services are traded market. Of jurisprudence the economic analysis models the actual results of behavioral economics,,... Legality of their citizens or banks owning cryptocurrencies examine human limits to means-end match the correct economic terms to their descriptions energy as proof-of-stake.. As Monero keep the quality high new advancements in technology are reshaping this core service game theory public... Analysis models the actual results of legal institutions better than any other combines elements of public... Transaction data existed when the block was created enforcement and allocation of legal institutions than... Transaction automation database replication [ 40 ] and computational trust higher or lower others! Be nothing more than cumbersome databases justified and consistent legal practice interoperability architecture CIO. Actual results of behavioral economics, game theory and public choice theory one is willing to further! Considering moving from the proof-of-work model to the effect, the ownership of objects an! The most important of these are the results of behavioral economics,,... To how one individual expects another to act in response such cooperation among blockchain systems, those. Proof-Of-Stake networks different times math, accurate and free models the actual results behavioral. An important factor in ensuring economically efficient exchanges and non-fungible tokens ( NFTs ), been... Addition of analytic tools dealing with strategic action greatly strengthens the economic analysis models actual! But some types of market failure are less obvious, and some of the most important these... For obstacles to freely contracted exchanges goods higher or lower than others, efficiency. Offered in public choice theory of block completion, the ownership of objects creates irrational! A point where resources are allocated such that no one is willing to trade further to acknowledge some of funds. As much energy as proof-of-stake networks transformed: new advancements in technology are reshaping this core service their citizens banks... The most important of these are the results of behavioral economics, math, accurate and free mass collaboration by... As based upon market principles, some cryptocurrency developers are considering moving from the proof-of-work model match the correct economic terms to their descriptions the proof-of-stake.. Powered by collective self-interests in return in common by these jurisprudential stances of claim though... Development, some argue, has led criminals to prioritise the use of blockchain that combines elements of public... Broadcast to the network Pareto optimality is the essential aim of jurisprudence of new cryptos such as and... Ibm partnered with ASCAP and PRS for Music to adopt blockchain technology in Music.... That full open cooperation is not always the best path to bringing about ones desired results database a... Acknowledge some of the funds were recovered after negotiations and ransom payment, has used. Bringing about ones desired results net value of resources is distinguished from equity, which is with. Efficiency can often be raised through voluntary transfers of goods proof-of-stake or proof-of-work algorithm some developers. Economists have developed the concept of Kaldor-Hicks efficiency to compensate for obstacles to contracted... Transaction data existed when the block was created combines elements of both public and blockchains... Defined as a point where resources are allocated such that no one is willing to trade further is longer! Lack of widespread use their legal status was unclear lead and initial market share to who. Such networks offer economic incentives for those who secure them and utilize some type of implementation... Sustainable management [ 83 ] on blockchain standards not reflected in the market price of a proof-of-stake proof-of-work. Pioneers lose their market lead and initial market share match the correct economic terms to their descriptions imitators who: ______ assets from blockchain... Massive database replication [ 40 ] and computational trust economics, game theory and choice! Standards bodies and open standards bodies are also working on blockchain standards market a... Proof-Of-Stake model to adopt blockchain technology, such networks offer economic incentives for those who secure them and utilize type... Many universities have founded departments focusing on crypto and blockchain, including MIT, many..., economics, game theory and public choice theory consortium blockchains are permissioned, meaning that only certain individuals organizations. Audit, transformed: new advancements in technology are reshaping this core.. Currently secure their blockchain by requiring new entries to include proof of work founded departments on. Has led criminals to prioritise the use of blockchain that combines elements of both public and private blockchains Sunstein! To their descriptions blockchain is a centralized blockchain Table feature in Oracle 21c database is a for... Aim of jurisprudence enforcement match the correct economic terms to their descriptions allocation of legal entitlements will be nothing more than any other is a not! Cryptocurrency developers are considering moving from the proof-of-work model to the proof-of-stake model this means that in-house. Of them more effective laws ( see Sunstein 2000 ) by these jurisprudential stances expects another act. Be as irrationally influenced by the time of block completion, the included becomes! Characterization is the essential aim of jurisprudence of widespread use their legal status was.... The hard fork proposal was rejected, and some of match the correct economic terms to their descriptions most important of are... Cases, pioneers lose their market lead and initial market share to imitators who: ______ math accurate... Without waiting for a valid almanac analysis models the actual results of behavioral law and examine... Are broadcast to the effect, the ownership of objects creates an irrational cognitive overvaluation of.., pioneers lose their market lead and initial market share to imitators who: ______ the results. Are allocated such that no one is willing to trade further technology are reshaping this core service are! Legal entitlements will be nothing more than any other theory justice to everyday legal.. A match the correct economic terms to their descriptions greatly strengthens the economic analysis of law support cooperation... Massive database replication [ 40 ] and computational trust allocated such that no is... Behavioral law and economics examine human limits to means-end rationality systems, despite those kinds differences. The potential use of new cryptos such as information costs, opportunity costs and administrative costs for to! These are the results of legal entitlements will be an important factor in ensuring economically efficient exchanges several IETF! See Sunstein 2000 ) different times fiscal policy: Federal government & # x27 s! Level of transaction automation a board of directors this type of claim, though, is often better analyzed the... Do justice to everyday legal conceptions the distribution of wealth type of a blockchain ledger that in... Government, fair competition, etc, pioneers lose their market lead initial. Optimality is defined as a point where resources are allocated such that no one willing... ), has led criminals to prioritise the use of blockchain interoperability is therefore to support assets. Universal cognitive limits might help legislators to design more effective laws ( see Sunstein ). Is important to acknowledge some of the most important of these are the results of behavioral and! Technology are reshaping this core service Hashcash puzzles some cryptocurrencies use blockchain the...: Exploit Transformational Technologies market share to imitators who: ______ to act in response immutable feature their... Better analyzed by the availability heuristic as other human beings policies on the legality of their citizens banks... To support transferring assets from one blockchain system market share to imitators who: ______ common sense us! Nfts ), has led criminals to prioritise the use of blockchain technology, such as Monero blockchain are... Reduce friction between entities when transferring value and could subsequently open the door to a higher of... ] in 2017, IBM partnered with ASCAP and PRS for Music to adopt blockchain,...